Will gold see a deep correction next week?

Gold technical analysis: Gold will usher in a critical moment next week. Who is better in gold, long and short, will be revealed next week. We must remember that next week’s operations need to be flexible. The long and short will compete. Don’t let yourself get stuck in it at key points. You must know how to get out in time and respond to the risk of sudden changes in the market at any time. Gold bottomed out near 2921 in the second half of Friday and then rose again. The gold daily line closed at a high cross star. The gold daily line closed at a high cross star pattern for three consecutive days. So is gold a change of market decline or a refueling rise in the air? The answer will be next week.


The gold weekly line is still strong for bulls. Looking at the weekly line alone, there will be a high point next week, but the closing monthly line will also prevent a rebound from the high. In addition, it has closed positive for 8 consecutive weeks to prevent the ninth week from changing its line, but the trend of silver tends to fall back. The weekly support is near 2908, and the strong support is near 2883. If the market wants to have a decent correction, it must effectively break this week's low of 2877. The weekly resistance is near this week's high of 2954. If it breaks above, we will look at $20, and the strong resistance is near 3000. . Looking at the daily line yesterday, it fluctuated back and forth to wash the market, and closed again with a high cross star. Combining the daily lines of silver and gold, the tendency is still to fall back. It is also said above that the weekly line is not bearish, so it is not ruled out that it will continue to fluctuate at high levels and choose a direction until the end of the month or next month.

​ From the 4-hour chart, after gold has been adjusted, the Bollinger Bands have temporarily closed, and suppression has formed above, and the upward space is limited. However, the price has not fallen below the middle track support of the Bollinger Bands, and is still running in a strong range, with support below $2915 and resistance above $2955. Gold fluctuates at a high level. For gold 1 hour, gold is still fluctuating in a large range. The strength of next Monday is also an important key point for gold long and short choices. If gold continues to break upward steadily next Monday, then gold is now showing the form of refueling in the air. If it goes down, gold may be the beginning of a change. The key to gold next week is still at 2955. If gold does not break through 2955 next week, then we can still go short at a high level first. Gold will first look at the large range oscillation between 2920-2955, and then choose a direction. On the whole, our professional and senior gold analyst team recommends that the short-term operation of gold next Monday should be mainly long on pullbacks, supplemented by short on rebounds. The short-term focus on the upper side is the 2950-2954 line of resistance, and the short-term focus on the lower side is the 2918-2916 line of support.

Gold operation strategy reference for next Monday:
Long order strategy:
Strategy 1: Go long (buy up) when gold pulls back to around 2916-2920, stop loss 8 points, target around 2930-2940, break to see the 2950 line;

Short order strategy:
Strategy 2: Go short (buy down) when gold rebounds to around 2955-2960, stop loss 5 points, target around 2940-2930, break to see the 2920 line;